How To Declare Income Tax Loan

The income tax filing deadline for 2019 starts on March 7 and ends on April 30. If you applied for a loan or made a loan in 2018, you may be asking, “ How do you file an income tax loan? “. The answer is simple and let’s help!

How to declare income tax loan?

If you are already preparing the Income Tax Loan Statement, remember that you only need to make this statement when the amount taken exceeds $ 5,000 . This is as true for loans with financial institutions as for loans with friends, family or acquaintances.

To declare the loan in Income Tax you will need to inform it in the form of Debts and Real Burden. This is where the nature of the debt and the creditor’s CPF or CNPJ (who granted the loan) will be informed.

If you have more than one loan, you will need to create an item for each of the lenders who lent you an amount. To do this, use the specifications according to codes 11 through 16:

11. commercial banking establishment;

12. Credit, financing and investment companies;

13. Other legal entities;

14. Individuals;

15. foreign borrowings;

16. Other debts and liens.

If you have made the loan advance , this should also be noted in the statement. This will ensure that you have no irregularities regarding this credit the following year.

Not everyone needs to declare

Anyone who has taken out a loan worth up to $ 5,000 need not put this credit on the statement.

Overdraft needs to be declared

Overdraft is also a type of loan. If your account has been negative for more than $ 5,000 during the reporting year, you must enter this information.

Who borrow also declares?

Anyone who has made a loan worth more than $ 5,000 must also declare this the following year. To do this, you must use the “Property and Law” form, in code 51 (Loan Resulting Credit). In the “Discrimination” field, the lender should enter the loan amount, the borrower’s social security number (to whom the money was borrowed), and the name of the person.

When to make the IR2019 statement

The deadline for filing the 2018 Income Tax Return is March 7 through the end of April , according to a schedule released by the IRS last week. It will refer to calendar year 2018. Those who miss the deadline will be subject to a fine of 1% per month on the tax due.

Persons who received taxable income in excess of $28,559.70, as well as those with exempt income, not taxable or exclusively taxed at source, above $40,000 will be required to declare the tax. The taxpayers who sold real estate and obtained a capital gain, those who own real estate with value over $ 300,000.

In addition, the IRPF must also declare those who have sold shares on the stock exchange or received more than $142,798.50 in rural activity or that have a rural loss to be compensated in the current year or in the coming years. Added to these, the taxpayers who lived in the country in 2018 and stayed until December 31 and those who sold a property and bought another within 180 days, which guarantees the exemption of IR at the time of sale, must make the statement.

Documents required to declare IR2018

When making the income tax return you will need the following documents: